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UK

Issa bros and TDR Capital complete $9.5 billion Asda purchase

FILE PHOTO: Branding is seen on a shopping trolley at an Asda store in west London, Britain, April 28, 2018. REUTERS/Toby Melville/File Photo

LONDON (Reuters) - Britain’s Issa brothers and private equity firm TDR Capital said on Tuesday they had completed the acquisition of supermarket group Asda from Walmart for an enterprise value of 6.8 billion pounds ($9.5 billion).

The brothers and TDR have bought a majority ownership stake in Asda, while Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on the board. The deal was announced in October.

The transaction is still subject to regulatory approval. The Competition and Markets Authority has set a April 20 deadline for a ruling. The brothers and TDR said they “remain confident” of a positive outcome.

($1 = 0.7192 pounds)

Reporting by James Davey; editing by William James

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